Global Unemployment Set To Rise Again

The International Labor Organization says nearly 200 million people worldwide are without jobs, and unemployment is set to increase further this year.

The ILO's “Global Employment Trends 2013” report says unemployment worldwide rose by 4.2 million in 2012 after falling for two straight years. It says one-quarter of the increase is in the advanced economies, while three-quarters is in developing economies in East and South Asia and Sub-Saharan Africa.

The report released Tuesday finds another 39 million people around the world have dropped out of the labor market and are not counted in the jobless rate.

The ILO predicts the number of job seekers will rise to more than 210 million over the next five years. The report says the labor market is particularly bleak for young people. It says almost 74 million people aged between 15 and 24 are unemployed around the world – an unemployment rate of 12.6 percent.